Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

IOC contradicts Adani after TMC’s Mahua Moitra raises stink of corruption in LPG deal

PTI
Updated: February 16th, 2023, 20:47 IST
in Business, National
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: Indian Oil Corporation (IOC) Thursday took to Twitter to clarify on its initial pact for hiring Adani Group’s port at Gangavaram in Andhra Pradesh for LPG imports in addition to existing pacts with nearby ports, saying there is no take-or-pay agreement.

The statement, which came in response to TMC’s Mahua Moitra raising a stink of a scam in hiring of the port facility without a tender, contradicted Adani Ports and Special Economic Zone Ltd’s earning call presentation that said “MoU signed with IOCL for a take-or-pay contract at Gangavaram Port for building LPG handling facilities.”

Also Read

world bank

India becomes fourth ‘most equal’ country globally

6 hours ago
PM Modi holds talks with Argentine President Milei

PM Modi holds talks with Argentine President Milei

7 hours ago

Moitra, reacting to the news based on the statement in the presentation, tweeted, “Brazen theft”.

Tagging Oil Minister Hardeep Singh Puri and CVC Wednesday evening, Moitra said, “No tender. No CVC norms. Moving business from Vizag Port to Gangavaram. Skimming from coal, skimming from gas, now skimming from ‘chula’ in every household. Shame!”.

IOC in an unusual move Thursday sent out a series of tweets to clarify its position.

“IOC has just signed a non-binding MoU with APSEZL till now,” it said, adding that it floats no tenders for hiring of facilities at ports to import LPG — a commodity that India is short of production.

“There is no take-or-pay liability or any binding agreement, as of now,” it said.

A take-or-pay contract means that the state-owned firm will have to pay for using the terminal’s full 5 lakh tonnes capacity a year even if it ships less than the committed quantity.

IOC currently uses state-run Visakhapatnam or Vizag Port, located adjacent to Gangavaram port, to import some 7-8 lakh tonnes of LPG annually.

APSEZL, the ports unit of the Adani Group, had revealed the plan while announcing the company’s third quarter financial results February 7.

Moitra’s party is among the opposition parties which have been demanding a probe into allegations a US short seller has levelled against the Adani Group.

Hindenburg Research on January 24 accused the Adani Group of accounting fraud and stock manipulation, allegations that the conglomerate has denied as “malicious”, “baseless” and a “calculated attack on India”.

Listed companies of the Adani Group lost over USD 125 billion in market value in the last three weeks. Stocks of most group firms were up Thursday.

Replying to Moitra’s tweet, IOC said it imports LPG at various ports, including Kandla, Mundra, Pipavav, Dahej (in Gujarat), Mumbai and Mangalore (in Karnataka) on West Coast and Haldia (in West Bengal), Vizag (in Andhra Pradesh) and Ennore (in Tamil Nadu) on the East.

Two more import terminals are coming up at Kochi in Kerala and Paradip in Odisha. “These will be used in due course of time,” IOC said.

“IOC enters into agreements with various ports on a regular basis to enhance capability to supply LPG across India. For hiring of LPG terminals, OMCs evaluate the infrastructure for suitability for catering to the nearest market at a reasonable cost. No separate tender is invited,” it said.

OMCs are Oil Marketing Companies.

“LPG demand in the country is on a constant increase. There are 31.5 cr connections after the Ujjwala Scheme; up from 14 cr earlier. OMCs are constantly on the lookout for new port facilities which make commercial sense in Logistics,” IOC said.

Providing detailing about the terminal hiring pacts on the east coast, the company said currently there are only two terminals near Vizag — one by South Asia LPG (a joint venture of France’s TotalEnergies and HPCL) and East India Petroleum Limited (a private company).

“SALPG charges Rs 1,050 and EIPL charges Rs 900 as charges with lower capacity vessel unloading capability,” IOC said.

“EIPL facility has no captive connectivity to be used on a continuous basis. IOC has just signed a non-binding MoU with APSEZ till now. APSEL has offered a price of Rs 1,050 for LPG import terminaling charges with facility of unloading of bigger vessels of refrigerated LPG directly,” it added.

The Gangavaram port would allow handling of bigger vessels.

“This gives an additional advantage compared to SALPG & EIPL as bigger vessels can be quickly unloaded. Such an arrangement will save freight & demurrage due to extra time for evacuation. There is no take-or-pay liability or any binding agreement, as of now,” IOC said.

While 0.7 million tonnes per annum of LPG is imported at Vizag port now, the new port is for handling 0.3 million tonnes.

“Vizag will continue to be utilised. Availability of multiple terminals will give operational flexibility, increase competition among terminal operators & an opportunity for competitive rates,” it added.

PTI

Tags: Adani GroupAndhra-PradeshGangavaramHardeep Singh PuriIndian Oil CorporationMahua Moitra
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Priyasha Pradhan

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Archana Parida

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019

Archives

Editorial

India’s Spy Shift

July 5, 2025

India’s espionage architecture is quietly shifting. The appointment of Parag Jain as the new chief of RAW comes at a...

Read more

Hungary Lessons

Hungary
July 2, 2025

Revolting against oppression and seeking freedom is ingrained in human nature, something that a repressive regime finds out sooner or...

Read more

New Democratic Face

Zohran Mamdani
July 1, 2025

US President Donald Trump, who had comfortably defeated his Democratic rival Kamala Harris in the recent presidential election and exuded...

Read more

Proof To Vote

Vote
June 30, 2025

Months ahead of the Assembly polls in Bihar, the Election Commission of India (ECI) on 28 June launched a ‘special...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST